LTNC Lotto - great news - Labor SMART, Inc. to Complete Million Dollar Sale of Five Offices, deal exceeds $1.8 Million!
ATLANTA, GA--(Marketwired - Aug 12, 2015) - Labor SMART, Inc. (OTCQB: LTNC) (the "Company"), a leader in providing on-demand blue collar staffing primarily in the southeastern United States, today announced that it will receive $1,025,000 in cash consideration for the sale of the operating assets of five branch offices. In addition, under the terms of the purchase agreement, Labor SMART, Inc. will retain the open accounts receivable at the sold branches, totaling $811,081.
"This is a significant development for Labor SMART. The branches subject to this transaction operate in the two states where we have locations that are not covered under our large deductible workers compensation program. With exposure to the state sponsored insurance pool, these branches operate at gross margins that are 600 or more basis points lower than other branches," stated Ryan Schadel, President and CEO of Labor SMART, Inc. "The strategic sale of these locations puts Labor SMART in a much stronger position, both financially and competitively in our remaining and future markets."
Labor SMART expects the transaction to be completed by close of business today and will provide an update on the Company's business strategy in the coming days.
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